SF 357

1st Unofficial Engrossment - 85th Legislature (2007 - 2008)

Posted on 12/15/2009 12:00 a.m.

1.1A bill for an act 1.2relating to housing; regulating transactions between certain low-income and 1.3moderate-income housing developers and the city of Minneapolis; proposing 1.4coding for new law in Minnesota Statutes, chapter 462A. 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6    Section 1. new text begin [462A.35] CITY PROPERTY TRANSFERS TO NONPROFIT new text end 1.7 new text begin ORGANIZATIONS. new text end 1.8 new text begin If a nonprofit organization receives funding from the agency for a project to construct new text end 1.9 new text begin low-income or moderate-income housing in the city of Minneapolis and if the city is new text end 1.10 new text begin transferring vacant property to the organization for the project, the city must convey or new text end 1.11 new text begin otherwise transfer the property to the organization for a consideration no greater than the new text end 1.12 new text begin cost to the city for acquisition of the property. The city must also waive all development new text end 1.13 new text begin and other fees related to the project that it would otherwise impose. new text end 1.14 new text begin EFFECTIVE DATE. new text end new text begin This section is effective the day after compliance by the new text end 1.15 new text begin governing body of the city of Minneapolis with Minnesota Statutes, section 645.021, new text end 1.16 new text begin subdivision 3. new text end